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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed
Dis: The government sometimes makes the wrong balance of the 3 and may fail to protect and encourage businesses and people
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Ad: The government makes rules to protect the environment, workers and the customer
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Command/Socialism
Dis: Sometimes the government decisions aren't the best for citizens. An example is in North Korea 1 million people died in the 1990's from starvation cause they wouldn't let food in from other countries
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Ad: The government of the country can focus on all of their resources on a goal suck as economic development
Ex Country: China, Cuba, North Korea
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Market/Capitalism
disadvantage: Since profit is the only reason for motivation they don't take the environment into consideration and pollute the air
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advantage: Businesses compete against each other and try to keep their prices lower to gain interest by customers
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Economic Sectors
Quanternary
Example: Uber Eats delivers groceries to you from Burger king and other grocery stores that provide McCain French fries
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